HC Wainwright Issues Pessimistic Forecast for Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price

Bitdeer Technologies Group (NASDAQ:BTDR) had its target price reduced by equities researchers at HC Wainwright from $32.00 to $30.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 115.21% from the stock’s previous close.

A number of other equities analysts also recently commented on BTDR. B. Riley restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, October 8th. Cantor Fitzgerald increased their price target on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. BTIG Research raised their price objective on shares of Bitdeer Technologies Group from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Finally, Jones Trading began coverage on Bitdeer Technologies Group in a research report on Monday, October 6th. They set a “buy” rating and a $32.00 target price on the stock. Twelve research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.33.

Bitdeer Technologies Group Stock Down 7.2%

BTDR opened at $13.94 on Tuesday. Bitdeer Technologies Group has a 52 week low of $6.84 and a 52 week high of $27.80. The business has a 50 day moving average price of $19.11 and a two-hundred day moving average price of $15.21. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 0.46. The company has a market cap of $2.95 billion, a PE ratio of -2.48 and a beta of 2.28.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its earnings results on Monday, November 10th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06). Bitdeer Technologies Group had a negative net margin of 115.59% and a negative return on equity of 91.31%. The company had revenue of $169.71 million during the quarter, compared to analyst estimates of $151.80 million. During the same period in the previous year, the firm posted ($0.35) EPS. The company’s revenue for the quarter was up 173.7% on a year-over-year basis. As a group, research analysts anticipate that Bitdeer Technologies Group will post -0.73 EPS for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Main Management ETF Advisors LLC boosted its stake in shares of Bitdeer Technologies Group by 1.6% during the 2nd quarter. Main Management ETF Advisors LLC now owns 57,153 shares of the company’s stock worth $656,000 after acquiring an additional 924 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Bitdeer Technologies Group by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company’s stock worth $30,000 after purchasing an additional 1,044 shares during the last quarter. Amalgamated Bank purchased a new stake in Bitdeer Technologies Group during the second quarter worth $35,000. KLP Kapitalforvaltning AS grew its holdings in Bitdeer Technologies Group by 26.3% in the third quarter. KLP Kapitalforvaltning AS now owns 21,100 shares of the company’s stock valued at $361,000 after purchasing an additional 4,400 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in Bitdeer Technologies Group by 9.7% in the third quarter. Teacher Retirement System of Texas now owns 54,625 shares of the company’s stock valued at $934,000 after purchasing an additional 4,830 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.